According to DeFillama, there are over 100 decentralised exchanges (DEXes) on the BNB Smart Chain (BSC).
With so many DEXes, it can become difficult to evaluate all of them and decide which one is good for you and why.
So, I decided to do the dirty work for you by filtering out the noise and presenting you with the overall best DEXes on BSC.
These exchanges were hand-picked based on a mix of several factors such as their:
- total value locked (TVL),
- number of users,
- trading volume,
- unique products,
- market capitalisation,
- available earning opportunities, etc.
Top 7 decentralised exchanges on BSC
Here’re the 7 most popular DEXes on BSC.
This list is in no particular order.
However, the first one is the largest and most popular DEX on BSC. And 2 to 7 were randomly placed.
Top 7 DEXes on BSC
PancakeSwap is the largest DEX on BSC in terms of trading volume, TVL, market cap, number of users, and everything else.
It commands more than 50% of the total TVL on BSC, far ahead of other DEXs on the network.
The platform features trading, liquidity mining, yield farming, an NFT marketplace, a lottery system, IFO (Initial Farm Offering), and much more DeFi products offering passive income opportunities to investors.
The exchange was audited by Certik in October 2020 and has never suffered any security breach so far.
PancakeSwap was launched in September 2020 via a fork of the SushiSwap code by a team of anonymous but highly competent and committed developers.
As of today, February 6, 2022, there are 3892 tokens listed on PancakeSwap with 5360 trading pairs, according to data from CoinGecko. Thus giving you a wide range of trading opportunities, though we can both agree that the majority of them are shitcoins.
Chances are, if a token was created on BSC, you will find it on the PancakeSwap DEX.
Furthermore, PancakeSwap allows you to farm other tokens of new and rising projects on BSC through its Syrup pools by staking CAKE.
This has allowed the top BSC DEX to attract a large and loyal community of platform users and CAKE holders to the platform.
The exchange charges 0.25% for each trade, of which 0.17% is used to reward liquidity providers, 0.03% is allocated to the Treasury, and 0.05% is used to finance the CAKE buyback and burn program.
Sometime in February 2021, the exchange temporarily flipped UniSwap as the largest DEX in the world based on trading volume. It has since then returned to its place as the 2nd largest DEX across all chains.
Biswap is a decentralized exchange on BSC with the lowest trading fees and the first to introduce a 3-type referral system.
The exchange was launched on May 25, 2021, and has quickly risen to become one of the top 10 DEXs on BSC.
Biswap was also, unsurprisingly, one of the top 10 winners of the Binance Most Valuable Builder II (MVBII) program announced on July 29, 2021.
In just less than 10 months of its existence, Biswap has accumulated over $604.3 million in TVL and more than $44.89 billion in cumulative trading volume.
Making it one of the fast-growing DEXs on BSC.
Aside from being a DEX on BSC which enables you to swap any BSC-based (BEP20) token for another, other features of Biswap include:
- Liquidity mining. Supply liquidity to a pool on Biswap and earn a share of all trading fees from that pool.
- Yield farming (earn more BSW by staking your LP tokens).
- Launchpools where you can stake BSW to earn BSW and other tokens; or stake other tokens to earn BSW.
- Fixed staking. Allows you to stake different popular coins like BNB, DOT, ADA, etc, for fixed periods and earn juicy APY.
- Referral program, where you earn up to 20% from your friends’ swap fees on Biswap, and 5% from their earnings on Farms & Launchpools.
- IDO (initial DEX offering) Launchpad where you can buy the tokens of new projects launching on BSC using BSW.
- NFT launchpad, NFT marketplace, and NFT staking.
- Lottery program.
- GameFi, which introduces the first Play to Earn NFT Game on BSC with multi-crypto rewards.
Biswap charges a 0.2% fee for every swap on the exchange. This makes it the lowest fee DEX on BSC.
The trading fee is distributed as shown below:
- 0.15% goes to liquidity providers,
- 0.01% goes towards BSW token burn,
- 0.02% is allocated to the funding of the Biswap Earn programs (Multi-reward pool, Double Launchpools, etc), and
- 0.02% goes to the Biswap team.
Furthermore, every time you make a swap on Biswap, a portion (up to 50%) of the trading fee you paid will be returned to you in BSW tokens
Thus, the actual trading fee you pay on Biswap is considerably lower than the 0.2% advertised as you get the fees you paid back in BSW.
Biswap referral program
Biswap runs a referral program that rewards you with 5% of what the people you refer to the platform earn from the farms and Launchpools.
Furthermore, you can earn up to 20% of all your referrals’ trading fees on Biswap.
No. The referral reward is not taken from the earnings of the people you refer.
Rather, 4.3% of the BSW block reward is allocated to the referral program and that’s where the referral commissions are paid from.
Because I am feeling generous right now, I will share 50% of my Biswap referral commission with you when you connect to Biswap with my referral link.
Mdex is the first decentralized exchange built on the Huobi Eco Chain (Heco) but is also available on BSC and Ethereum.
The exchange became operational in January 2021 but was only launched on BSC in April.
Within a short time, Mdex has grown to become one of the top 5 DEXs on BSC according to data from DefiLlama.
Some features of MDEX include:
- Token swaps. Swap BSC, Heco, and Ethereum tokens to another seamlessly.
- Liquidity mining, allows you to provide liquidity into any of the pools on Mdex and earn a share of all trading fees from the pool.
- Yield farming, which allows you to stake your LP tokens to earn MDX and other tokens.
- IMO (initial Mdex offering) where you can invest in new projects launching on supported chains (BSC, Heco, Ethereum) by staking your MDX token.
As of today, only 117 tokens are listed on Mdex with 662 trading pairs.
Mdex trading fees
Mdex charges a 0.3% fee on all swaps on the DEX, liquidity of which:
- 0.2% is used to reward liquidity providers,
- 0.07% is used to finance the MDX repurchase and burn program, and
- 0.03 is added to the reward pool of the Mdex boardroom.
In addition, similar to Biswap, Mdex incentivizes trading through its transaction fee or trading mining program.
Mdex returns up to 100% of your trading fees to you in form of MDX tokens. So in some cases, you actually pay nothing to trade on the DEX.liquidity
Mdex referral program
Mdex gives you up to 15% referral commission on all trading fees generated by the people you refer to the DEX.
Out of this 15% commission rate, you can choose to give back 5% or 10% to your referrals.
As I’m always feeling generous, I’m giving you 5% out of the 15% referral commission when you connect to Mdex with my referral link.
BurgerSwap was the first DEX on BSC, launched on September 10, 2020.
The exchange features:
- Token swaps.
- Liquidity mining.
- Multi-chain token bridge, currently supporting the BSC, HECO, POLYGON, Arbitrum, Solana, xDAI, Fantom, and Ethereum chains.
- IFO (initial farm offerings).
BurgerSwap emphasizes “democratized decentralized exchange”. It aims to give users complete control of the protocol through community governance.
Users can stake BURGER tokens to participate in the governance of the protocol, such as proposing and voting tokens to be listed, and other protocol changes.
You can earn a share of the platform revenue by staking BURGER and participating in governance.
The exchange currently has 50 tokens listed with 104 trading pairs, which I consider extremely poor for the first BSC DEX.
BurgerSwap has kind of become stale for some time now with limited innovation and zero excitement or hype around it.
However, the most important thing is that the exchange is still functional and is running smoothly.
The exchange charges a 0.3% trading fee, 100% of which goes to the liquidity providers.
1inch is a multi-chain, decentralized exchange and liquidity aggregator on Ethereum, Polygon, and BSC.
The protocol sources liquidity from various exchanges and is capable of splitting a single trade transaction across multiple DEXes to ensure the best swap rates for you.
1inch was created to remove the need for users to manually check for the best rates on multiple DEXs before placing a trade.
Its aim is to help you search for and offer you better token swap rates than you could get on any single DEX without you having to go through the trouble of finding it manually.
1inch was launched in August 2020 and features:
- token swaps and trading in basic and classic modes for beginners and advanced traders respectively
- liquidity mining
- yield farming
- community governance
1icnh exchange is connected to 44 different liquidity sources on BSC alone, including PancakeSwap, BiSwap, BakerySwap, BurgerSwap, Mdex, ApeSwap, etc.
1inch trading fees
The trading fee you pay on 1inch depends on which DEX or liquidity source was used to execute your trade.
However, if your trade was executed on the 1inch DEX itself, the trading fee is 0.37 which all gets distributed to the liquidity providers.
The fees will vary from time to time though, as it is determined by liquidity providers through a voting system that changes the LP fee rate.
BakerySwap is a decentralized exchange, NFT marketplace, and gaming protocol built on the BSC.
The exchange features token swaps, liquidity mining, yield farming, an NFT marketplace, a Launchpad, and blockchain games.
Furthermore, BakerySwap features what it calls the Bakery Gallery where it showcases a curated list of NFTs from talented artists.
The gallery is designed to attract talented NFT artists and catch the fancy of sophisticated NFT collectors and investors alike.
BakerySwap charges a 0.30% trading fee, all of which goes to liquidity providers.
ApeSwap is one of the top DEXs on BSC with a full suite of DeFi tools to take advantage of and grow your crypto portfolio.
The exchange was originally a fork of PancakeSwap but has been fully customized and now features the following services and tools.
- Token Swap. Swap between different tokens on BSC.
- Liquidity Mining. Add liquidity to any of the available liquidity pools and earn a share of all trading fees from the pool.
- Staking. Stake BANANA or GNANA in Staking Pools to earn tokens of other projects.
- Yield farming. Stake LP tokens in Yield Farms to earn BANANA.
- Money Market. Lend and borrow crypto assets with the ApeSwap Lending Network.
- IAO (Initial Ape Offering). Invest in new projects launching on BSC via the ApeSwap launchpad (IAO) program.
- Margin Trading. Margin trade with crypto assets using ApeSwap leveraged trading platform.
As of the time of writing this article, there are a total of 207 tokens listed on Apeswap with 453 trading pairs according to CoinGecko.
ApeSwap trading fees
There’s a 0.2% trading fee on every token swap on ApeSwap, of which 0.05% goes to the ApeSwap Treasury, and the remaining 0.15% is distributed proportionally to the liquidity providers (LPs).
Therefore, if you hold BANANA or GNANA, every trade on the ApeSwap DEX benefits your position, since a portion of the Treasury funds is used to buy back and burn BANANA.
Due to its low fees and faster transaction time, BSC has quickly risen to become the second-largest smart contract chain based on both transaction volume and userbase.
At the centre of this growth are decentralized exchanges where most of the money is being locked and traded.
Many DEXs on BSC have no future, and a lot more are outright scams that you must avoid if you don’t want to lose your money.
That’s why I have decided to share with you these top 7 DEXs on BSC that I’m confident will stand the test of time.
They have the basic requirements to become successful projects which include:
- An active and fast-growing user base.
- Unique and innovative products and features. Not just clones and copy-pasted codes.
- Backed by proveably experienced, competent and committed teams that have something to offer and want to make a difference.
- Effective tokenomics with a long-term focus.
- Lucrative investment opportunities.
- A focus on security, the safety of users’ funds, and community participation.
But you don’t have to take my word for it. Interact with them and discover for yourself what they have to offer, and I’m confident you will find them worthy.